05-22-2024 Workshop Packet - Laserfiche WebLink

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from the Met Council app from last year as well as the construction budget to build out the Flameburger space. They have also included a table below that outlines the budget for TIF uses. Other than perhaps the stormwater, these project expenses are unique to this project and wouldn’t typically be budgeted for. Additional Funding Opportunities: The Livable Communities Grants offered by the Minnesota Metropolitan Council include several funding options that apply to multi-family affordable housing projects. These options may include: Transit-Oriented Development (TOD) Grants: Funding for development projects located near transit corridors or stations, aiming to create compact, mixed-use, and walkable communities with affordable housing options. Applications are due August 12th. Livable Communities Demonstration Account (LCDA) Grants: Grants aimed at promoting development that integrates affordable housing with transportation, jobs, and services, contributing to the creation of livable, sustainable communities. Applications are due August 12th. Local Housing Incentives Account (LHIA) Grants: Grants provided to local governments to support the development of affordable housing through financial incentives, land acquisition, or infrastructure improvements. Applications are due in July. TOD Pre-Development Grants: Grants specifically designed to support pre-development activities, such as planning, design, and feasibility studies, for transit-oriented development projects that include affordable housing components. Applications are due July 22nd. RECOMMENDED ACTION Information regarding the current and proposed financing options will be presented at the workshop by City of Little Canada Financial Consultant Mikaela Huot from Baker Tilly, LLC. The City Council is asked to review and discuss various options for public financial support for the Rice and Demont Multi-Family Apartment Development project.